EXECUTIVE SUMMARYEXECUTIVE SUMMARYThe project aims at improving retention of employees in an organization. To achieveThe project aims at improving retention of employees in an organization. To achieve the objective the study examines all stages of employee retention namelythe objective the study examines all stages of employee retention namely

HiringHiring GrowthGrowth AttritionAttrition RetentionRetentionAt each stage analyzing the causes of high attrition rate in the industries.At each stage analyzing the causes of high attrition rate in the industries.

A comprehensive study has henceforth being conducted involving a questionnaire,A comprehensive study has henceforth being conducted involving a questionnaire, which examines the five sectors namely IT, BPO, Government, other MNC banks andwhich examines the five sectors namely IT, BPO, Government, other MNC banks and Standard Chartered Bank on the above stages of employee retention.Standard Chartered Bank on the above stages of employee retention.

Each sector is represented by 2 companies to provide diversity and also ensure theEach sector is represented by 2 companies to provide diversity and also ensure the validity of answers for each sector.validity of answers for each sector.

This is followed by the findings and analysis on the basis of the questionnaire filled.This is followed by the findings and analysis on the basis of the questionnaire filled.Suggestions are offered to the bank thereon for improvement.Suggestions are offered to the bank thereon for improvement.

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OBJECTIVESOBJECTIVES

1.1. To understand and analyze various aspects related to recruitment and retention at To understand and analyze various aspects related to recruitment and retention at STANDARD CHARTERED BANK.STANDARD CHARTERED BANK.

2.2. To know the HUMAN RESOURCE PRACTICES of different organizations.To know the HUMAN RESOURCE PRACTICES of different organizations.

3.3. To study all stages of employee retention namely: HIRING, GROWTH, To study all stages of employee retention namely: HIRING, GROWTH, ATTRITION, RETENTION.ATTRITION, RETENTION.

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RESEARCH METHODOLOGYRESEARCH METHODOLOGY

To conduct the market research first of all it is necessary to create a research design. A

research design is basically a blue print of how a research is to be conducted, it may

include;

1. Choosing the approach

2. Determining the types of data needed.

3. Locating the source of data.

4. Choosing a method of data.

RESEARCH DESIGN

Basically there are 3 types of approaches used during the any research:

1. Exploratory

2. Descriptive

3. Experimental.

During this research Descriptive and Exploratory approach is taken into consideration

because of the availability of relevant information to describe the relationships between

the marketing problem and the available information.

TYPES OF DATA USED

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Both PRIMARY DATA and SECONDARY DATA are used in this research.

PRIMARY DATA:-

The primary data has been collected by raising a questionnaire from 2

organizations each of 5 major sectors, i.e. IT, BPO, GOVERNMENT, other MNCIT, BPO, GOVERNMENT, other MNC

BANKS and STANDARD CHARTERED BANK.BANKS and STANDARD CHARTERED BANK.

Questionnaire is based on the evaluation of the Recruitment, Retention, Hiring

and Growth related procedure followed by different organizations.

SECONDARY DATA:-

The secondary data has been collected from standard chartered websites, intranet

of the standard chartered bank.

SAMPLE DESIGN

The sample design is the sample size of the project, i.e., how many respondents have

filled up a questionnaire. In my project there is a sample size of 100 respondents.

DATA COLLECTION TOOL

The data collection tool is the QUESTIONNAIRES, through questionnaire all the

data has been found and analyzed.

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INTRODUCTION

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COMPANY PROFILE

STANDARD CHARTERED BANK

Standard Chartered employs almost 60,000 people in 56 countries and territories,

representing over 100 nationalities. Demographic changes, competition in the

markets and our own rapid growth provide a bigger challenge than ever to attract,

develop and engage employees to continue to deliver strong results.

“As we grow, we believe our diverse and inclusive approach provides engaging opportunities for our employees to develop, both as individuals and as part of a team. We are committed to creating a healthy, safe and fulfilling work environment in which people can grow, individuals can make a difference and teams can win.”

Our approach to managing people is underpinned by four principles:

A focus on managing talent to identify, reward and retain talented employees

Building a strengths-based approach by providing the skills to develop individuals

and teams by focusing on people's personal strengths

A commitment to drive employee engagement through the development of

exceptional managers with the skills to identify and build talent

Creating a diverse and inclusive workplace that encourages employees to achieve

their potential and support growth

The Standard Chartered Group was formed in 1969 through a merger of two banks: The

Standard Bank of British South Africa founded in 1863, and the Chartered Bank of India,

Australia & China, founded in 1853.

Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 55 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. It has been expanding in other areas, both through acquisition and organic

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growth. The banking group, familiarly known as Stan chart offers consumer banking accounts and products, as well as wholesale banking services. There are a numerous departments at the bank and these operations of the company are demarcated on the basis of the products and services offered by the organization.

Trusted across its network for its standard of governance and corporate responsibility,

Standard Chartered takes a long-term view of the consequences of its actions to ensure

that the Bank builds a sustainable business through social inclusion, environmental

protection and good governance. It is also one of the most process- centric banks, which

sometimes plays to its disadvantage.

Standard Chartered is also committed to all its stakeholders by living its values in its

approach towards managing its people, exceeding expectations of its customers, making a

difference in communities and working with regulator.

Strategic Intent: The Chairman, Mr. Mervyn Davies said, “Our goal is simple - We

want to be 'The World's Best International Bank'. This is quite an aspiration.

Achieving it won't happen overnight but we have what it takes to do it. We are starting

the journey. It's a journey that's being taken by every employee regardless of where

they're located and which part of the business they're in”.

Brand Promise: The Right Partner, this brand promise was launched last year. The Right

Partner is an incredibly powerful notion. But there’s much more to be done to make this

brand promise real.

Values: These values are instilled in every member of the organization and it is these

values that create the unique culture and drive in everything that the bank does. These

values are reflected in the brand ‘Standard Chartered’.

RESPONSIVE

TRUSTWORTHY

CREATIVE

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INTERNATIONAL

COURAGEOUS

STANDARD CHARTERED BANK IN INDIA

The Chartered Bank opened its first overseas branch in India, at Kolkata, on 12 April

1858.  Eight years later the Kolkata agent described the Bank's credit locally as splendid

and its business as flourishing, particularly the substantial turnover in rice bills with the

leading Arab firms.  When The Chartered Bank first established itself in India, Kolkata was

the most important commercial city, and was the centre of the jute and indigo trades.  With

the growth of the cotton trade and the opening of the Suez Canal in 1869, Bombay took

over from Kolkata as India's main trade centre.  Today the Bank's branches and sub-

branches in India are directed and administered from Mumbai (Bombay) with Kolkata; this

remains an important trading and banking centre.

Standard Chartered Bank in India is the largest international banking group in India. To

cater to diverse financial needs, Standard Chartered offers a wide range of state-of-the-art

banking products and services through its network of 80 branches in 31 cities across the

country.

The key businesses of Standard Chartered Bank in India include consumer banking -

primarily credit cards, mortgages, personal loans and wealth management; and wholesale

banking, where the Bank specializes in the provision of cash management, trade, finance,

treasury, and custody services.

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Standard Chartered India was the first to issue global credit card in India, the first to issue

Photo card, the first Picture Card and was the first credit card issuer to be awarded the ISO

9002 certification.

Our Commitment to Diversity & Inclusion

The Bank's commitment to Diversity & Inclusion is simple: we want to get the best out of the broadest spectrum of people to sustain strong business performance and competitive advantage.

The Bank strives to create a work environment, which gives each employee the opportunity to maximize their potential. They do this by providing personal development and implementing practices that create an engaging and inclusive workplace

Employee Engagement

Standard chartered bank believe in the importance of building a work environment

where every employee feels highly engaged to apply their individual talents to

deliver sustainable business performance.

In a highly competitive employment market, employee engagement leads to increased

business performance and lower staff turnover. They have been measuring employee

engagement worldwide since 2000 with a voluntary response rate consistently over

96%. In 2006, the survey covered all 56 countries with 97% of employees

participating voluntarily. Bank sees this as a significant achievement and a clear

indication that employees are committed to improving individual and team

performance.

Learning & Development

Our approach

Banks approach to developing people's strengths is simple. They believe:

Everyone is uniquely talented.

People are most effective when they identify and develop their individual

strengths.

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People thrive by taking ownership of their own development and receiving the

right support and encouragement.

Strengths-based approach is at the core of their development philosophy. They encourage managers to help each employee identify and develop their strengths, so that individuals and teams can deliver sustainable performance.

Many employees have benefited from formally identifying their strengths using an online

self-assessment tool. Our trained in-house experts support this, known as Strengths

Coaches, who help people develop action plans to enhance their personal effectiveness.

Nurturing talent

The global learning function, Organizational Learning, is a key contributor to the Bank's success. Bank encourages everyone to create and manage their own learning plan. This allows them to take responsibility for their own learning and development, contributing to a workplace culture in which everyone has opportunities to learn and grow.

Specific learning "roadmaps" for key roles highlight the recommended development for people in those jobs. To achieve delivery, we have a number of Learning Centers around the world. These provide learning solutions for personal and professional development, using 'classroom' and online techniques.

Leadership and executive development

Effective leadership is the key to the current and future success. They develop leaders in a range of ways, including building strengths, identifying learning opportunities and mentoring. Bank also provides individual coaching to help leaders take their performance to new heights and encourage their personal and professional development.

Bank also sponsor executive development programmes with leading academic institutions.

Reward & Recognition

“In line with our values, we benchmark our salaries, bonuses and share awards against our key competitors and focus the greatest rewards on the highest-performing employees”.

Bank provides core benefits such as annual leave, retirement benefits, sickness and medical benefits across our businesses and countries, in line with local practice.

Standard Chartered operates a number of employee share plans that enable our people to build up a stake in the Group. The plans are competitive against the international market, drive performance, and align the interests of employees with those of shareholders.

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By encouraging share ownership across Standard Chartered, they help to engage

individuals in the performance of the overall business. Our all-employee share save scheme

is open to our people globally.

Living With HIV

Through the Living with HIV programme bank aim to:

Raise the awareness of all staff in the Bank, including how HIV/AIDS spreads,

how it can be prevented and how to care for those affected by HIV

Make sure all staff understand our approach to HIV/AIDS

Remove the stigma so more people come forward for testing and treatment, which

we offer to all staff and up to four family members

Standard Chartered is a founder member of the China Health Alliance. A groundbreaking

World Economic partnership between the Chinese Government, companies, UN agencies

and NGOs, the Alliance is a response to the growing social threat of HIV/AIDS and TB in

China.

Goal- empowerment of women

Standard Chartered recognizes that women are not only the most affected by today's

global challenges but are also instrumental to providing solutions to those problems –“we

believe empowered, healthy women are a prerequisite for sustainable economic

development in the markets in which we operate.”In 2006 we launched GOAL – a new

community investment programme which aims to empower women.

Built on the model of 'sports-based social inclusion', GOAL uses sport (in this case netball) and tailor-made leadership courses as vehicles to empower underprivileged young women.

Bank is working with 4 NGOs, 15 colleges, 60 schools, 3 underprivileged communities, the International Netball Federation and the Netball Federation of India to deliver GOAL to 3,500 young women in Delhi, India.

GOAL is closely aligned to the Government of India's objectives to empower women and Standard Chartered employee volunteers are central to its success.

If successful, GOAL will be rolled out to other locations in India and other key markets for the bank across Asia, Africa and the Middle East.

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PRODUCTS AND SERVICESThe banks offer a wide variety of product and services. The customer segment the bank

aims at targeting are the upper class individuals who are generally investors, industrialists,

trades, businessmen, merchants and self employed individuals. There lie a lot of

opportunities in products like credit cards, insurance and investment services. This is due to

the increased awareness of people and the cross selling techniques adopted by the bank.

Standard Chartered has been effective in bringing about product innovation at regular

intervals, thereby providing customers a number of added features to their existing

accounts.

I. WHOLESALE & INSTITUTIONAL BANKING

1) Funding

Working capital or Capex or Acquisition finance

Loans or NCDs

Rupee or foreign currency

Fixed or floating rate

Flexibility in tenor

2) Transaction banking

Cash management

Collection

Payments

Webbank

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Liquidity management

Trade finance

Letter of credit

Channel finance

Import or export services

Guarantees

3) Global markets

FX and derivatives

Funds management

Syndication & structured finance

Corporate advisory

Fixed income & structure solution

II. RETAIL BANKING

1) Online Service

Net banking

2) Deposits

Parivaar

Axcess plus

Saving and current account

Business plus account

2 – in – 1 account

Term deposit account

3) Loans

Homesaver

Mileage

Smart card

Car finance

Personal finance

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Mortgage

Flexireserve

4) Credit cards

The new visa mini

Air sahara chartered gold card

DIVA

Sapnay

RCI gold card

Classic card

Gold Card

Executive card

5) Demat

6) Investment

7) NRI

NRO

NRE

FCNR (B)

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TOOLS

RIGHT START

FOCUS ON STRENTH

Q-12

RIGHT START

“Right Start is a set of processes and activities to help every New Joiner adjust to the Bank over those first all-important days and months”Resourcing Center (RC) and Global recruitment Center (GRC) – Hiring

Pre Join Activities1. Obtain JD from JR for hiring2. Confirm with requester if it is a new position. If yes confirm approval of SS&CRES

in place for space3. Recruitment process:

• Send for Job Watch (If applicable)• Source CV based on the JD• Screen CV’s of the candidate• Shortlist candidate• Administer Structured Tools (Phase II)• Interview with LM and HR• Make offer

4. Finalize candidate. Agree on joining terms and conditions5. Send MHF to new joiner for providing details along with list of documents required

on day of joining – At least 14 days before join6. New joiner fill in details and sends MHF back to RC7. RC fills in salary details. Send completed MHF to GRC – At least 10 days before

join8. GRC generates PW ID orientation kit, Appointment and Bank account opening letter.

• PW orientation kit sent to LM – 3 working days from receipt of completed MHF

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• Appointment letter and Bank account opening letter sent to RC for signature - 5 working days from receipt of completed MHF

9. Welcome Pack (including Appointment and Bank account opening letter) sent to new joiner by RC – At least 7 days before join.

FOCUS TRENGTHSTRENGTH BASED SESSIONS: -The focus for Strengths Coaches is to support individuals understand and leverage their talents and strengths to drive high performance. To achieve this we encourage you to do the following:

Focus your strengths coaching on high potential employees (H3’s, H4’ and high performing Critical Resources) to impact their retention, engagement and performance.

Ensure individuals who have completed Strengths Finder are contacted within four weeks and a strengths awareness session is scheduled.

Ensure outcomes agreed during strengths awareness or coaching sessions are recorded and regularly reviewed.

When appropriate ensure outcomes agreed during a session are discussed with the Individual’s line manager.

Schedule follow up sessions on an agreed basis.

Q 12

Q12 provides an actionable measure of employee engagement and is an integral part of the Banks approach to building a high performance culture. The Banks appreciation of each individuals strengths by knowing, focusing and caring for staff will lead to engaged teams. Engaging the enormously talented people within the Bank will deliver sustainable business performance.

What is Q12? The Q12 survey is not a manager evaluation – none of the questions refer directly to

manager attributes and behaviours. It is a snapshot of overall team engagement. However, Q12 gives a Manager insight into how they can manage better.

Q12 is not an ‘Employee Satisfaction’ survey – historically, these contain a large number of ‘hygiene’ questions, which are difficult to directly act on, and the results show no statistical link to business performance metrics.

The twelve Q12 ‘items’ highlight themes that are actionable by all members of workgroups / teams. The manager is in the best position to influence team engagement, but sustainable improvement occurs when the whole team is involved.

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SWOT ANALYSIS

STRENGTHS WEAKNESSES

1. Largest MNC bank in India.

2. Access to the international markets.

3. High focus on Indian market.

4. Strong presence in the emerging markets

of the world.

1. Extremely process centric.

2. Overly centralized.

3. Low brand visibility.

OPPORTUNITIES THREATS

1. Technological advancement.

2. Economic growth bringing about an

increase in savings and investment.

1. Other MNC’s and Indian banks giving

severe competition.

2. Key employee churn in favour of

other banks.

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3. Emergence of a new wealthy class. 3. Trade imbalances.

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ATTRACTING

AND

HIRING

HIRING & ATTRACTING NEW EMPLOYEES

INDUCEMENTS

Organizational inducements are the entire positive features and benefits Offered by an organization that serve to attract job applicants to the organization. Three inducements need special mention here:

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Compensation: Starting salaries, frequency of pay increases, incentives, and fringe benefits can all serve as inducements to potential employees.

Career opportunities: These help present employees to grow personally and professionally and also attract good people to the organization. The feeling that the company takes care of employee career aspirations serves as a powerful inducement to potential employees.

Image or reputation: Factors that affect an organization’s reputation include its general treatment of employees, the nature and quality of its products and services and its participation in worthwhile social endeavors.

RECRUITMENT

In Stan Chart there’s handholding in the initial months. It has introduced an ‘Early Start Programme’ where on day one, everything — from phone lines to ID cards to computer terminals — is kept ready for the newcomer. There’s a mentor for the first six months. Stan chart is also looking at more tier II institutions for recruitment. Adds Mr. Swaroop, “We can’t rely only on other banks... we are building our pipeline.”

Recruitment is one of the most visible roles undertaken by human resource departments in organizations. Recruitment can be considered as part of a trio, ‘recruit, reward and

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retain’. Recruitment is a process of generating a ‘pool’ of candidates by reaching the ‘right’ audience suitable to fill the vacancy. Selection involves ‘picking’ the most suitable candidate from the ‘pool’ that is willing to fill the vacancy “The human resources are the most important assets of an organization. The success or failure of an organization is largely dependent on the caliber of the people working therein. Without positive and creative contributions from people, organizations cannot progress and prosper. In order to achieve the goals or the activities of an organization, therefore, we need to recruit people with requisite skills, qualifications and experience. While doing so, we have to keep the present as well as the future requirements of the organization in mind.”

DEFINITION

Recruitment is a 'linking function' - joining together those with jobs to fill and those seeking jobs. It is a 'joining process' in that it tries to bring together job seekers and employer with a view to encourage the former to apply for a job with the latter.

The basic purpose of recruiting is to develop a group of potentially qualified people. To this end, the organization must communicate the position in such a way that job seekers respond. To be cost effective, the recruitment process should attract qualified applicants and provide enough information for unqualified persons to self-select themselves out.

We must understand that an organization with jobs waiting to be filled, HRM personnel need to

(1) Find candidates for those jobs and

(2) Match the right candidate with each job.

It is important for us to understand that Recruiting is the process of attracting qualified job applicants.

One goal of recruiting is to attract the "right" number of applicants.

Recruiters may seek applicants outside the firm, within the firm, or both.

Hence it is important for the recruiting firm to understand the job that needs filling?

How has the job changed since it was last filled? Do we still need the job to be done? What does the job now involve? Does it need to be done in the same way as before? Is there a job description

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Make Hiring A Strategic Advantage

1. Recognize the importance of non-monetary factors2. Unusual benefits make people feel special3. Make your hiring criteria consistent with your

strategies4. Have a type of employee in mind when you design

a job5. Implement processes to make your hiring activities

more efficient

AIMS OF RECRUITMENT

The aims of recruitment are:

To obtain a pool of suitable candidates for vacant posts. To use a fair process & look for it. To ensure that all recruitment activities contribute to company goals and a

desirable company image. To conduct recruitment activities in an efficient and cost effective manner.

SITUATIONAL FACTORS

IMPORTANT ISSUES

ECONOMIC ENVIRONMENT

Demand and supply for skills. Sudden boom in specific sectors.

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SOCIAL ENVIRONMENT

Opportunities for growth. Monetary compensation image of the firm.

TECHNOLOGICAL ENVIRONMENT

New technologies and new jobs. Fight for rare skills. Equal employment opportunity. Reservations for special groups.

POLITICAL ENVIRONMENT

“Sons of the soils” policies. Displaced persons. Power of unions. Recommendations.

LEGAL ENVIRONMENT

Recruitment through employment exchanges. Obligations towards apprentices and contract labor. Factories Act and Child Labor Act, Bonded Labor.

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ALTERNATIVES TO RECRUITMENT

Since recruitment and selection costs are high (search process, interviewing, agency fee, etc.) firms these days are trying to look at alternatives to recruitment, especially when market demand for firm's products and services is sluggish. Moreover, once employees are placed on the payroll, it may be extremely difficult to remove them if their performance is marginal. Some of the options in this regard may be listed thus:

Alternatives are: -

Overtime: Short-term fluctuations in work volume could best be solved through overtime. The employer benefits because the costs of recruitment, selection and training could be avoided. The employee benefits in the form of higher pay.

Temporary employees: Employees hired for a limited time to perform a specific job are called temporary employees. They are particularly useful in meeting short term human resource needs. A short-term increase in demand could be met by hiring temporary hands from agencies specializing in providing such services. In this case the firm can avoid the expenses of recruitment and the painful effects of absenteeism, labor turnover, etc. It can also avoid fringe benefits associated with regular employment.

Employee leasing: Hiring permanent employees of another company who possess certain specialized skills on lease basis to meet short-term requirements - although not popular in India- is another recruiting practice followed by firms in developed countries. In this case individuals work for the leasing firm as per the leasing agreement/arrangement. Such an arrangement is beneficial to small firms because it avoids expense and problems of personnel administration.

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RECRUITMENT CYCLE

The Recruitment & Selection Process

In the earliest stages of an intervention, recruitment decisions often get made on the basis of who is standing in the right place at the right time with the right look on his/her face. As the situation matures, we have to think more carefully about picking the right people for longer-term roles including middle and senior management. The integrity of the recruitment and selection process helps to ensure sustainability by building a strong and balanced team, demonstrating the organization’s neutrality, promoting its good name and serving as an example for partners. You may find that one of the first roles you need to fulfill is a HR administrator to help achieve these goals.

Here are the major stages in this cycle:

1. Defining The Requirement:Decide what vacancy you have. If you need to fill a new role quickly you might find it helpful to adapt one of the models provided here.

Task analysis: Draw up a detailed list of tasks that the person will have to do. This helps in determining the qualities and qualifications genuinely required for the job.

Job description : Produce an outline of the broad responsibilities (rather than detailed tasks) involved in the job. Person specification: decide what skills, experience, qualifications and attributes someone will need to do the job as defined in the task analysis and job description.

2. Attracting Applications:Your file of previous applicants can be a good place to start.

Advertising: Phrase your announcement in a way that makes clear what the job involves and the type of person needed. Avoid any stipulations, which could be seen as discriminatory e.g. applying an age restriction, which is not necessary. You can display a notice internally and/or at your gate, in the local newspaper orWith a message on the local radio station.

Application Form: A well-designed form can elicit information about the person's ability and willingness to do the job. Do not ask for irrelevant information. Make it clear on the form that applicants should consider the points in the job description and person description when applying. Allow enough space on the form for applicants' answers, and indicate whether continuation sheets can be used. State clearly on the form the closing date for applications. For senior positions a

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Supporting letter or CV may also be required; if this is the case indicate the kind of information sought.

Background information: Provide applicants with clear, up-to-date and accurate information about the organization, its work, its priorities and the job. Clearly indicate the closing date for applications and the short listing and interview dates.

3. Selection:Select your candidate. Be objective and unbiased. Choose the person who best fits your person specification.

Short listing: Assess applications on the basis of the person specification (standard forms can be very helpful at this stage). Guard against bias and discrimination specifications, regardless of age, sex, race etc, and that the specifications are not themselves discriminatory.

Interviews: Interview your short-listed candidates. Remember that your job is not only to assess the best candidate for the job, but also to create a great impression of your organization. The amount and quality of the information that you establish will be largely due to the effectiveness of your questions. Use open questions (e.g. tell me about...how do you...why did you...talk me through...) and probe from the general to the specific. Avoid any questions, which could be considered discriminatory eg asking only female candidates who looks after their young children. If you think such a question is relevant - ask it of all candidates who have children.

4. Candidate Assessments: The interview will provide you with some information but check it out before offering a job. Ways in which you could do this include: • Ask the candidate to show you examples of previous work, do a Presentation, a case study, some tests or full assessment. Tests can be done before the interview or after the interview. It depends on the Number of candidates being interviewed and the type of job. • Taking up references: You must have the specific permission of the applicant to do so, particularly if you wish to contact their current employer. If you need them quickly, try phoning.

5. Making A Job Offer:If you think you have found the right candidate, it’s time to make the job-offer.For your successful candidate:• Prepare and send the appropriate documentation• Make up the employee's personnel file; and• Arrange the induction plan.

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6. Induction: It is a kind of process in which new employees are introduced to the company. Help new recruit to settle in quickly and become productive as soon.

What is a Total Selection Process? - An Integrated multi-step process to:

Recruit high-quality applicants Ensure applicants have a clear understanding of important job requirements Assess their ability (or potential) to be successful at the job Assess their ability to positively contribute to work group and company success Match the applicant’s capability with the kind of job Maximize supervisor and work team ownership of and commitment to good

selection decisions.

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GROWTHAND

DEVELOPMENT

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EMPLOYEE GROWTH AND DEVELOPMENT

INTRODUCTION

Opportunities for growth and development help employees expand their knowledge, skills and abilities, and apply the competencies they have gained to new situations. The opportunity to gain new skills and experiences can increase employee motivation and job satisfaction and help workers more effectively manage job stress. This can translate into positive gains for the organization by enhancing organizational effectiveness and improving work quality, as well as by helping the organization attract and retain top-quality employees. By providing opportunities for growth and development, organizations can improve the quality of their employees' work experience and realize the benefits of developing workers to their full potential.

Opportunities for employee growth and development include:

Continuing education courses

Tuition reimbursement

Career development or counseling services

Skills training provided in-house or through outside training centers

Opportunities for promotion and internal career advancement

Coaching, mentoring, and leadership development programs

Reasons for developing employees:

You will be perceived as a premium employer as employees' skill sets will be enhanced while they are with you.

Superior employee training and development will ensure that serious succession related issues do not creep up.

The organization will be able to constantly adapt to changes in technology, regulation, and the business environment in general.

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Ways to Encourage Employee Development

Employee development is closely linked to the growth of a company. This is especially

true for all businesses, in which each employee plays a vital role in the success of the

company. Employee growth has direct and indirect benefits. More knowledgeable,

skilled, and capable employees directly impact on company’s ability to satisfy customers,

resolve problems and crises, and adapt to changing market conditions. Paying for an

employee’s continuing professional education, for example, can help a company gain

expertise in new technologies and markets, which can save you money in the long run.

Support employee training programs

There are two different types of training:

Initial training

Ongoing training

When an employee first joins a company or starts a new role, offering him the training he need to handle the position makes him feel valued, challenged and rewarded.

Assign mentors to junior employees

Mentors give less-experienced employees the opportunity to learn from seasoned veterans. Employees will be more comfortable in the face of new challenges if they know where to go for help. Mentors can inspire employees to strive for greater levels of success, help them channel their ambitions, and teach them new ways of handling ongoing problems more effectively.

Offer tuition reimbursementBy supporting the employees’ desire to educate them, one can increase the knowledge base within a company. In the long term this can make internal operations more efficient, reduce the need to outsource for expertise, and help a company stay ahead of industry and market trends. Emphasize and encourage developmentPerformance appraisals and regularly scheduled reviews are perfect occasions to set goals and discuss expectations.

Recognize and reward employee growth

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Think about company-wide acknowledgements, such as an employee-of-the month program, as well as innovative rewards, raises, and promote

EMPLOYEE DEVELOPMENT

Employee development is a joint, on-going effort on the part of an employee and the

organization for which he or she works to upgrade the employee's knowledge, skills, and

abilities. Successful employee development requires a balance between an individual's

career needs and goals and the organization's need to get work done.

Everyone goes through several stages of development as they move from being a career "beginner" to a full expert in their field. Each stage has specific needs and tasks to consider. As you work with employees on development, it can be helpful to look at their stage in order to find the best kind of activities for them. Keep in mind that the stages do not relate to age. If an employee has recently completed a career change, he or she is probably in the "exploration and trial" stage. If, on the other hand, he or she has burned out on his or her career, he or she might be in "disengagement"

Personality Assessment

Some employees need recognition. Others insist on control. Some require direction. Others strive to make things happen. Some want to be part of a group effort. Others look for challenges and opportunities to grow. Some want stability. Others are willing to take chances. Some are driven by competition. Others derive a sense of satisfaction from coming through for others. Our approach clarifies what drives you and each of your employees.

With this knowledge, your coaching ability will become more effective. You'll draw upon each individual's untapped abilities. You'll ensure they feel valued. And you'll keep your best performers growing with your company even though chronologically he or she might be in his or her early thirties in age.

Employee Development & Empowerment

Through integrating the measurement of potential and current behavior, we can create a customized, in-depth developmental plan for each of your employees. Essentially, we can help you set clear employee development expectations, while drawing upon their motivations. As a result, key players are engaged, feeling they are contributing in meaningful ways to their own professional development and the company's growth. When you can pinpoint abilities, motivations and growth opportunities, you will get the results you need - maximizing opportunities for each individual to contribute to the organization. In this way, your employees will feel valued, motivated and invested in the goals of the company - so they view the company's future

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as their own.

Organization Development

Is there too much conflict in your organization? Are you spending more time dealing with problems than exploring opportunities? Is your current structure no longer contributing to your progress?

Often we have found that what has gotten us where we are cannot take us where we want to go. It is not unusual for the organizational development methods and procedures that once proved successful to actually become hindrances as markets expand, products mature and companies change.

Whatever your corporate challenges, the starting point is to get a clear, objective view of your organization's strengths and limitations. Sound management decisions can only be made when you are certain that your viewpoint is correct. We can add that certainty.

Performance Appraisal & Management

Essential to our approach is delivering an objective and consistent system for measuring potential and monitoring performance. Our approach encourages open lines of communication, whereby everyone knows what is expected of them, that they are being evaluated fairly and that their efforts contribute to your organization's goals. With this system in place, management is able to ensure that results are on track.

The attainment of a company's strategic objectives requires a clearly understood vision, a firm commitment from top management, the right people in key positions, and a program to measure and reward employees based on their accomplishments.

All of these factors need to work together for a company to achieve maximum success.

Executive Coaching

Ultimately, we can help fine-tune your systems and methodologies or help develop a new model to make sure your goals, your people and your support mechanisms are all pointing in the same direction.

Our straightforward, nuts-and-bolts approach is tailored to your unique needs by our accomplished consultants who can offer practical solutions that will improve the dynamics and enhance the productivity of your organization

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Stages in a Job or Career

Stage Characteristics Needs Tasks

Exploration and Trial Work with regular guidance

Work is routine, detailed

Learn to ask for help

Learn to take initiative

Develop self-image in the job

Becomes a " "

Establishment and Advancement

Has own area of responsibility

Work independently

Independence and specialization

Build a reputation

Learn to work independently

Produce significant results

Accept organizational realities

Learn how to cope

Deal with change or lack of it

Learn how to get ahead

Mid Career Growth Maintenance

Decline

Responsible for guiding others

Use great breadth of technical skill to support organization

Feel disappointment if goals are not achieved

Learn to help others

Develop others through knowledge

Serve as mentor

Disengagement Use experience to provide direction for the organization

Influence decisions

Prepare psychologically for retirement

Learn to accept a different role

Learn to let go

Achieve balance in life

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The role of supervisor in employee development Coaching employees to help them determine what they need for development Providing both positive and corrective feedback Offering organizational insight, information, and advice Guiding the planning through goal setting and checking back over time Allotting time and money for development experiences Ensuring opportunities for new learning.

The role of the employee

While employee development is critical to the success of an organization, both the employee and the organization must recognize that most of the responsibility for development falls to the employee.

Some things the employee should have and consider when beginning work towards development:

Specific goals; identify goals for new skills and look for ways to meet those goals Energy to make the development possible A variety of work assignments Asking for feedback Opportunities to coach others and finding good coaches for him or herself Developmental relationships that provide a variety of learning.

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TRAINING

On the job training Off the job training

ON THE JOB TRAINING

On the job training involves employees training at their work place.

Common methods of on the job training

Coaching: Under this method, the supervisor imparts job knowledge and skills to his subordinate. The emphasis in coaching or instructing the subordinate is on learning by doing. This method is very effective if the superior has sufficient time to provide coaching to his subordinate.

Understudy: The superior gives training to a subordinate as his understudy or assistant. The subordinate learns through experience and observation. It prepares the subordinate to assume the responsibilities of the superior’s job in case the superior leaves the organization.

Position Rotation: The purpose of position rotation is to broaden the background of the trainee in various positions. The trainee is periodically rotated from job to job instead of sticking to one job so that he acquires a general background of different jobs.

E.g. Standard Chartered is using position rotation

Advantages of on the job training

Generally more cost effective Less disruptive to the business - i.e. employees are not away from work

Training an employee in their own working environment, with equipment they are familiar with and people they know can help they gain direct experience to a standard approved by the employer

Employees may find that they have more confidence if they are supervised and guided as they feel they are doing the job right

Employees may feel more at ease being taught or supervised by people they know rather than complete strangers at an external training course

Managers or supervisors can assess improvement and progress over a period of time and this makes it easier to identify a problem intervene and resolve problems quickly

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On the job training is also productive, as the employee is still working as they are learning

As training progresses and the employee begins to feel more confident, this confidence would allow them to work at a higher standard and ultimately be more productive

Training "on-the-job" provides an opportunity to get to know staff they might not normally talk to.

Disadvantages of on the job training

Teaching or coaching is a specialist skill in itself; unless the trainer has the skills and knowledge to train, this would mean that the training will not be done to a sufficient standard

The trainer may not be given the time to spend with the employee to teach them properly, which would mean substandard training has been achieved and learning has only been half done

OFF THE JOB TRAINING

Types :

• Vestibule • Case study • Lecture • Role-playing • Special study • Simulation • Films • Television • Conference or discussion • Laboratory training • Programmed instruction

1. Vestibule Training: This training method attempt to duplicate on-the-job-situation in a company classroom. It is a classroom training that is often imported with the help of the equipment and machines, which are identical with those in use in the place of work. This technique enables the trainees to concentrate on learning new skill rather than on performing on actual job. This type of training is efficient to train semi-skilled personnel, particularly when many employees have to be trained for the same kind of work at the same time. Often used to train – bank tellers, inspectors, machine operators, typists etc. In this, training is generally given in the form of lectures, conferences, case studies, role-play etc.

2. Demonstrations And Example: In this type of training method trainer describes and displays something, as & when he teaches an employee, how to do something by actually performing the activity himself & going on explaining why & what he is doing. This method is very effective in teaching because it is much easier to show a person how to do a job than

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tell him or give him instruction about a particular job. This training is done by combination with lectures, pictures, text materials etc.

3. Lectures: Lecture is a verbal presentation of information by an instructor to a large audience. The lecture is presumed to possess a considerable depth of knowledge of the subject at hand. A virtue of this method is that is can be used for very large groups, and hence the cost per trainee is low. This method is mainly used in colleges and universities, though its application is restricted in training factory employees. Limitations of the lecture method account for its low popularity. The method violates the principle of learning by practice. It constitutes a one-way communication.

4. Audio-visuals: Audio-visuals include television slides, overheads, video-types and films. These can be used to provide a wide range of realistic examples of job conditions and situations in the condensed period of time. Further, the quality of the presentation can be controlled and will remain equal for all training groups. But, audio-visuals constitute a one-way system of communication with no scope for the audience to raise doubts for clarification. Further, there is no flexibility of presentation from audience to audience

5. Programmed Instruction (PI):In this method training is offer without the intervention of a trainer. Information is provided to the trainee in blocks, either in a book form of through a teaching machine. PI involves: 1. Presenting questions, facts, or problems to the learner 2. Allowing the person to respond 3. Providing feedback on the accuracy of his or her answers

4.If the answers are correct, the learner proceeds to the next block. If not, he or she repeats the same.6. Computer-Assisted Instruction (CAI): this is an extension of the PI

method. CAI provides for accountability as tests are taken on the computer so that the management can monitor each trainee’s progress and needs. CAI training program can also be modified easily to reflect technological innovations in the equipment for which the employee is being trained. This training also tends to be more flexible in that trainees can usually use the computer almost any time they want, thus get training when they prefer.

7. Apprenticeship: This method of training is usually done in crafts, trades and in technical areas. It is the oldest and most commonly used method, if the training is relatively for a longer period. Here a major part of training is spent on the job productive work. Each apprentice is given a programme of assignments according to a pre-determined schedule, which provide for efficient training in trade skills.

8. Simulation: A simulator is any kind of equipment or technique that duplicates as nearly as possible the actual conditions encountered on the job. Simulation then, is an attempt to create a realistic decision-making environment for the trainee. Simulations present likely problem situations and

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decision alternatives to the trainee. The more widely held simulation exercises are case study, role-playing and vestibule training. 9. Conference: In this method, the participating individuals confer to discuss

points of common interest to each other. It is a basic to most participative group centered methods of developments. This emphasis on small group discussion, on organized subject matter and on the active participation of the members involved. There are three types of conferences,

Direct discussion: - Here trainer guides the discussion in such a way that the facts, principles or concepts are explained.

Training Conference: - The instructor gets the group to pool its knowledge and past experience and brings different points of view to bear on the problem.

Seminar Conference: - In this method instructor defines the problem, encourages and ensures the full participation in the discussion.

10. Case Studies: This method is developed in 1800S At the Harvard Law School. The case study is based upon the belief that managerial competence can best be attained through the study, contemplation and discussion of concrete cases. When the trainees are given cases to analyze, they are asked to identify the problem and recommend tentative solution for it. The case study is primarily useful as a training technique for supervisors and is especially valuable as a technique of developing discussion-making skills, and for broadening the prospective of the trainee. In case study method the trainee is expected to master the facts, should acquainted with the content of the case, define the objective sought in dealing with the issues in the case, identify the problem, develop alternative courses of action, define the controls needed to make the action effective and role play the action to test its effectiveness and find conditions that may limit it.

11. Role Playing :In role-playing trainees act out the given role as they would be in stage play. Two or more trainees are assigned parts to play before the nest of the class. Here role players are informed of a situation and of the respective roles they have to pay. Sometimes after the preliminary planning, the situation is acted out by the role players. This method primarily involves employee-employer relationship – Hiring, firing, discussing grievance procedure, conducting a post appraisal interview etc.

12. Programmed Instructions: This method involves a sequence of steps that are often set up through the central panel of an electronic computer as guides in the performance of desired operation or series of operations. This method involves breaking information down into meaningful units and then arranging these in a proper way to form a logical and sequential learning. The programme involves – presenting questions, facts or problems to trainees to utilize the information given and the trainee instantly receive feedback on the basis of the accuracy of his answers. To be really effective, the training methods must fit in training programme needs to find out how effective the methods are in accomplishing their goals of modifying skills, attitudes and ultimate behavior.

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PERFORMANCE APPRAISAL

DEFINATION

"Performance appraisal is an organizational system comprising deliberate processes for determining staff accomplishments to improve staff effectiveness."

Performance appraisal, also known as employee appraisal, is a method by which the performance of an employee is measured (generally in terms of quality, quantity, cost and Time). Performance appraisal is a part of career development. Performance appraisals are a regular review of employee performance within organizations. Appraisals have no set structure when time is involved and are usually done when the business believes it is necessary. Ideally, appraisal should be something that goes on all year but there are only so many times when you can formally evaluate your employees.

INTRODUCTION

Performance appraisal means a systematic evaluation of the personality and performance of each employee by his supervisor or some other person trained in the technique of merit rating. An appraisal is commonly a formal meeting between a supervisor and the employee where a performance evaluation can be made with the comments and opinions of both.

The basic purpose of performance appraisal is to facilitate orderly determination of an employee’s worth to the organization. It is a continuous process to secure information necessary for making correct and objective decisions on employees

AIM OF PERFORMANCE APPRAISAL

To give feedback on the performance of the employees. To identify employee training needs. Provides opportunity for the development of the organization. Facilitate communication between employees and their superior It helps to evaluate the performance of his employees systematically and

periodically. It helps to assign the work to individuals for which they are suited.

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It helps in guiding and correction of employees. The ability of staff is recognized and can be adequately rewarded.

APPRAISAL SYSTEM ATTRIBUTES

Clarity Openness Fairness

ONGOING REVIEW OF POSITION AND PERFORMANCE

Effective performance appraisal systems conduct ongoing evaluations of both the position and the staff member occupying it. With ongoing position analysis and performance appraisal, there are few changes in the environment are quickly incorporated into the official appraisal system.

JOB DESCRIPTIONS

Job descriptions should be reliable, valid, understandable, and specific enough to provide direction for staff behavior. Job descriptions should focus on what the staff member does and what outcomes are expected. These outcomes should be clearly linked to departmental and institutional objectives and needs. Job descriptions should use action words such "plans" or "supervises" rather than "demonstrates initiative" or "is likable." Job descriptions should provide guidelines for staff so they know the specific behaviors expected to perform. The responsibilities of the staff member should be listed in order of importance and weighted relative to importance, if possible.

PARTICIPATORY AND INTERACTIVE APPRAISAL

Appraisal system processes should be designed in concert with all stakeholders and open to constant interaction with them. Plans made jointly by staff and administrators have a better chance of working than plans made independently by either party.

PERFORMANCE APPRAISAL METHODS

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(1) The Critical Incidents File The critical incidents file is a performance appraisal method in which the manager writes down positive and negative performance behavior of employees throughout the performance period. The critical incidents file is a form of documentation that is needed in this environment.

(2) The Rating Scale The rating scale is a performance appraisal form on which the manager simply checks off the employee’s level of performance. Some of the possible areas evaluated include quantity of work, quality of work, dependability, judgment, attitude, cooperation, and initiative.

(3) Behaviorally Anchored Rating Scales (BARS) BARS is a performance appraisal method combining rating and critical incidents. It is more objective and accurate than the two methods separately. Rather than having excellent, good, average, and so forth, the form has several statements that describe the employee’s performance, from which the manager selects the one that best describes the employee’s performance for that task. Standards are clear when good BARS are developed.

(4) Ranking Ranking is a performance appraisal method that is used to evaluate employee performance from best to worst. Under the ranking method, the manager compares an employee to another employee, rather than comparing each one to a standard measurement. An offshoot of ranking is the forced distribution method, which is similar to grading on a curve. A predetermined percentage of employees are placed in performance categories: for example, excellent—5 percent, above average—l5 percent, average—GO percent, below average—l5 percent, and poor—5 percent.

(5) Management by Objectives (MBO) MBO is a process in which managers and their employees jointly set objectives for the employee, periodically evaluate the performance, and reward according to the results.Standard Chatered is using this method for its appraisal method.

(6) The Narrative Method The narrative method requires the manager to write a statement about the employee’s performance. The system can vary. Managers may be allowed to write whatever they want, or they may be required to answer questions about employees’ performance. The narrative is often combined with another method.

Which Performance Appraisal Method Is the Best?

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Determining the best appraisal method depends upon the objectives of the system. A combination of the methods is usually superior to any one method. For developmental objectives, critical incidents, MBO work well. For administrative decisions, a RANKING method based on rating scales or BARS works well. The real success of performance appraisal does not lie in the method or form used; it depends upon the manager’s human relations skills.Major Benefits of Performance Appraisal

 Motivation and SatisfactionPerformance appraisal can have a profound effect on levels of employee motivation and satisfaction - for better as well as for worse.

Performance appraisal provides employees with recognition for their work efforts. The power of social recognition as an incentive has been long noted. In fact, there is evidence that human beings will even prefer negative recognition in preference to no recognition at all.

 Training and Development Performance appraisal offers an excellent opportunity - perhaps the best that will ever occur - for a supervisor and subordinate to recognize and agree upon individual training and development needs.

Performance appraisal can make the need for training more pressing and relevant by linking it clearly to performance outcomes and future career aspirations. This data may be analyzed by variables such as sex, department, etc. In this respect, performance appraisal can provide a regular and efficient training needs audit for the entire organization.

 Recruitment and InductionAppraisal data can be used to monitor the success of the organization's recruitment and induction practices. For example, how well are the employees performing who were hired in the past two years?

Appraisal data can also be used to monitor the effectiveness of changes in recruitment strategies. By following the yearly data related to new hires (and given sufficient numbers on which to base the analysis) it is possible to assess whether the general quality of the workforce is improving, staying steady, or declining.

 Employee EvaluationEvaluation is a major objective of performance appraisal. But the need to evaluate is also an ongoing source of tension, since evaluative and developmental priorities appear to frequently clash. Yet at its most basic level, performance appraisal is the process of examining and evaluating the performance of an individual.

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Though organizations have a clear right - some would say a duty - to conduct such evaluations of performance, many still recoil from the idea. To them, the explicit process of judgment can be dehumanizing and demoralizing and a source of anxiety and distress to employees.

It is been said by some that appraisal cannot serve the needs of evaluation and development at the same time; it must be one or the other.

But there may be an acceptable middle ground, where the need to evaluate employees objectively, and the need to encourage and develop them, can be balanced.

While many people view the performance appraisal process as beginning after 6 or 12 months of employment and view it as a review of how the employee has performed for the previous period, a successful performance management process begins during the hiring process. It continues as an ongoing cycle from recruitment, through hiring, orientation, and goal setting and on to performance appraisal and evaluation. This process occurs in three stages with the following components.

The performance management process starts with employee planning and ends with an evaluation of employee progress. Managers and employees should meet to discuss planning and goals throughout the year. If possible, formally sitting down with your supervisor or manager on a quarterly basis is optimal. The process, at its best, is a collaborative one, which should add value for both the employee and the employer.

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ATTRITION

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INTRODUCTION

Defining attrition : "A reduction in the number of employees through retirement, resignation or death"

Defining Attrition rate : "the rate of shrinkage in size or number"

Besides the induction and project training, not much investment has been done to evolve a "continuous training program" for the agents. Motivational training is still to evolve in banking industry. But, in all this, it is the HR manager who is expected to straighten things out and help individuals adjust to the real world.The high percentage of females in the workforce (constituting 30-35 percent of the total), adds to the high attrition rate. Most women leave their job either after marriage or because of social pressures caused by irregular working hours in the industry. All this translates into huge losses for the company, which invests a lot of money in training them.

Staff attrition (or turnover) and absenteeism represent significant costs to most organizations . It is odd; therefore, that many organizations neither measure such costs nor have targets or plans to reduce them. Many organizations appear to accept them as part of the cost of doing business - a sign of increasing job mobility and decreasing staff loyalty perhaps, a matter to be regretted but just 'one of those things.' They add a sum in their budgets for 'temp staff' and 'recruitment' and forget about it. However, it seems to be one of the areas in which HR can make a difference - and one that can be measured in quantifiable, financial terms against targets.

CAUSES OF ATTRITION

The most important resource in any industry is the Human Resources and it is quite complex to deal with it. Whatever might be tried to avoid separation some percentage of population in an industry will definitely get rotated. However in the Stan C the figure is

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in between 30% to 35%, which is quite alarming and is a matter of a concern. This paper gives an insight to the basic reasons attributed for the attrition, and once the problems are correctly identified the countermeasures can be then resolved.

1. Recruitment and Selection

The basic ethos of the recruitment and selection is to find and hire the right man, for the right job at right time. But unfortunately little recruitment goes astray and the job satisfaction which is required for the individual employee does not meet, thus the separation is resorted to.

2. Working environment .

Attrition due to the work environment is typically due to a lack of trust in the fairness of the system. Effectiveness of the channels to address employee grievances, accessibility of the senior management team and other related environmental issues are felt as not paying heed to the individual’s request, thus the answer lies in strong structured grievances resolving channel.

3. Monetary considerations

The expectations of employees in this industry have grown exponentially due to the strong demand in the market. A number of employees leave as they are offered a higher salary. In the current climate, it is easy for employees to find positions that leverage their experience and pay better. Moving from one job to another for higher salary, better positions and better benefits are among the most important reasons for attrition.

4. Limited training and development opportunities.

Though not one of the top reasons for attrition increases, the lack of ample opportunities to learn new skills or undergo training or further education is occasionally cited as a reason for leaving.

5. Job matters.

A number of job related reasons contribute to the high attrition levels in this industry. These are given below: -(a). Stress Levels.

These jobs bring lots of pressure and the stress levels are high. Hence, employees leaving the job due to too much pressure on performance or any work related pressure are quite common.

(b). Adjustment problems.

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Often employees are moved from one process to another. They take time to get adjusted with the new campaigns, and few employees find it difficult to get adjusted and they leave immediately. Many a time, the employees move out if there are strained relations with the superiors or with the subordinates or any slightest discontent.

(c). Nature of the job.

Monotony in job sets in very quickly especially when the job satisfaction is not there which is found to be one of the main reasons for attrition. Besides the induction and training provided to the new comers in the organization, a periodic "continuous training program" for them should be evolved keeping their interests alive and focused. A proper feedback of the effectiveness of the training should also be obtained and evaluated.

(d). Attitude of employees .

Attitude is one of the most important factors, which keep the employee focused and happy. As we wear the perfume daily so is the attitude have to be worn daily. A proper training should be imparted to build positive attitude, stay committed and enjoy the job one is performing. This will not only reduce attrition rate but also improve espirit de corps in the organization.

6. Personal reasons.

Personal reasons could be another factor, which leads to attrition. There could be marriage, old parent’s health and care, and personal educational enhancement.

7. Poaching .

Poaching of trained and competent manpower by rival banks/competitors leads to attrition.

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ATTRITION COSTS

Components To Be Taken Into Consideration, While Calculating Attrition Rate:

Total Number of Resigns per month (Whether voluntary or forced) divided by (Total Number of employees at the beginning of the month plus total number of new joiners minus total number of resignations) multiplied by 100.

(1) Costs Due to a Person Leaving

1. Calculate the cost of the person(s) who fills in while the position is vacant. Calculate the cost of lost productivity at a minimum of 50% of the person's compensation and benefits cost for each week the position is vacant, even if there are people performing the work. Calculate the lost productivity at 100% if the position is completely vacant for any period of time.

2. Calculate the cost of conducting an exit interview to include the time of the person conducting the interview, the time of the person leaving the administrative costs of stopping payroll, benefit deductions, benefit enrollments.

3. Calculate the cost of the manager who has to understand what work remains, and how to cover that work until a replacement is found.

4. Calculate the cost of training your company has invested in this employee who is leaving.

5. Calculate the impact on departmental productivity because the person is leaving. Who will pick up the work, whose work will suffer, what departmental deadlines will not be met or delivered late.

6. Calculate the cost of lost knowledge, skills and contacts that the person who is leaving is taking with them out of your door. Use a formula of 50% of the person's annual salary for one year of service, increasing each year of service by 10%.

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7. Subtract the cost of the person who is leaving for the amount of time the position is vacant.

(2) Recruitment Costs

1. The cost of advertisements; agency costs; employee referral costs; Internet posting costs.

2. The cost of the internal recruiter's time to understand the position requirements, develop and implement a sourcing strategy, review candidates backgrounds, prepare for interviews, conduct interviews, prepare candidate assessments, conduct reference checks, make the employment offer and notify unsuccessful candidates. This can range from a minimum of 30 hours to over 100 hours per position.

3. Calculate the cost of the various candidate pre-employment tests to help assess candidates' skills, abilities, aptitude, attitude, values and behaviors.

(3) Training Costs

1. Calculate the cost of orientation in terms of the new person's salary and the cost of the person who conducts the orientation. Also include the cost of orientation materials.

2. Calculate the cost of departmental training as the actual development and delivery cost plus the cost of the salary of the new employee. Note that the cost will be significantly higher for some positions such as sales representatives and call center agents who require 4 - 6 weeks or more of classroom training.

3. Calculate the cost of the person(s) who conduct the training.

4. Calculate the cost of various training materials needed including company or product manuals, computer or other technology equipment used in the delivery of training.

(4) Lost Productivity Costs

As the new employee is learning the new job, the company policies and practices, etc. they are not fully productive. Use the following guidelines to calculate the cost of this lost productivity:

1. Upon completion of whatever training is provided, the employee is contributing at a 25% productivity level for the first 2 - 4 weeks. The cost therefore is 75% of the new employees full salary during that time period.

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2. During weeks 5 - 12, the employee is contributing at a 50% productivity level. The cost is therefore 50% of full salary during that time period.

3. During weeks 13 - 20, the employee is contributing at a 75% productivity level. The cost is therefore 25% of full salary during that time period.

4. Calculate the cost of mistakes the new employee makes during this elongated indoctrination period.

(5) New Hire Costs

1. Calculate the cost of bring the new person on board including the cost to put the person on the payroll, establish computer and security passwords and identification cards, telephone hookups, cost of establishing email accounts, or leasing other equipment such as cell phones, automobiles.

2. Calculate the cost of a manager's time spent developing trust and building confidence in the new employee's work.

(6) Lost Sales Costs

Calculate the revenue per employee by dividing total company revenue by the average number of employees in a given year. Whether an employee contributes directly or indirectly to the generation of revenue, their purpose is to provide some defined set of responsibilities that are necessary to the generation of revenue. Calculate the lost revenue by multiplying the number of weeks the position is vacant by the average weekly revenue per employee.

Conclusion:

It is clear that there are massive costs associated with attrition or turnover and, while some of these are not visible to the management reporting or budget system, they are nonetheless real. The 'rule of thumb' appears to be very inaccurate indeed and, while it depends upon the category of staff, it is probably better to estimate around 80% of salary as a truer rule of thumb - and this will be on the conservative side.What does this mean? Well it means that if a company has 100 people doing a certain job paid 25,000 and that turnover or attrition is running at 10%, the cost of attrition is:(Total staff x Attrition rate %) x (Annual salary x 80%)

100 staff at 10% attrition means 10 people leave and are replaced each year. A replacement cost of 80% of a salary of Rs. 25,000 means the cost of each

replacement is Rs. 20,000. The cost of turnover is therefore Rs. 2,00,000 (10 x 20,000) a year. The on cost to the overall salary bill is 8%.

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RETENTION

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RETENTION

A main concern for any organization (whether small or large, private or public or non profit) is its capacity to attract, engage and retain the right people. Due to high attrition rate-retaining employee is a big problem these days in every sector of industry. As with the growth of each sector, the problem of attrition is also increasing, thus it is very important for each sector to study why attrition is increasing, and how to retain employees in their organization.

RETENTION MEASURES

Employee retention is one of the primary measures of the health of any organization. Research and human resources has provided a number of recommendations to increase employee retention. These are the few tips and tools of retention.

DEVELOP AN ATTRACTIVE EMPLOYEE VALUE PROPOSITION.

An employee value proposition means that every company has something attractive to offer that is perceived as valuable to an employee. Each company has something special through which it can attract its employee, thus every company should it as its tool to retain its employee.

CREATE A TOTAL REWARD STRUCTURE THAT INCLUDES MORE THAN COMPENSATION.

Every company should have the normal compensation mechanisms common to their type of employment. The total reward structure should include, in addition to compensation,

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support for employee to attain their personal objective aligned with the goals of their organization.

GIVE FEEDBACK ON EMPLOYEE PERFORMANCE ON A REGULAR BASIS

Ongoing performance feedback allows employees to better know where they stand, give them a formal means to provide input, include, indicate that their managers pay attention to them and that their performance matters. This feedback contributes to employee engagement and retention.E.g. Various appraisal processes to judge an employee, includes feedbacks. Appraisal processes are of different types, it depends on the organization which process it will be going through.

BE FLEXIBLE IN TERMS OF WORK LIFE BALANCE

Workers more and more value a balance between work and life. They want more flexible ways to engage with their employer. To attract and retain workers with different work and career expectation, organization have to be more flexible in structuring work and its expectation.E.g.An organization helps employee in his personal growth, Helps in catering to his social responsibilities (towards community/friends/relatives) Helps him to spend quality time with his family, etc

CREATE A CULTURE OF ENGAGEMENT

Employee has become more connected with others in the organization through project based team work and process management activities. Employees are shifting their loyalty to people, teams and projects and away from company loyalty. It is the organization creates the culture and climate that allow people, processes and projects to become fully connected and engaged with other. Engaged employees are more likely to stay with their organization.

PROVIDE TRAINING

Providing training is an important tool to retain employee in the organization. Training can be on the job and off the job. It motivates the employee to take their work seriously. Training also helps in the improvement of employees in their working techniques. Training brings new technology with the new advancement in the world.

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It is worth considering the following elements, all of which have been shown to play a positive role in improving retention:

Give prospective employees a 'realistic job preview' at the recruitment stage. Take care not to raise expectations only to dash them later. Where possible invite applicants to work a shift on the job before committing themselves.

Make line managers accountable for staff turnover in their teams. Reward managers whose record at keeping people is good by including the subject in appraisals. Train line managers in effective supervision before appointing or promoting them. Offer re-training opportunities to existing managers who have a poor record at keeping their staff.

Maximise opportunities for individual employees to develop their skills and move on in their careers. Where promotions are not feasible, look for sideways moves that vary experience and make the work more interesting.

Ensure wherever possible that employees have a 'voice' through consultative bodies, regular appraisals, attitude surveys and grievance systems. This helps to ensure that dissatisfied employees have every opportunity to sort out problems before resigning. Where there is no opportunity to voice dissatisfaction, resigning is the only option.

Wherever possible accommodate individual preferences on working hours. Be as flexible as possible in the allocation of shifts. Where people are forced to work hours that do not suit their domestic responsibilities they will invariably be looking for another job which can offer such hours.

Avoid the development of a culture of 'presenteeism' where people feel obliged to work longer hours than are necessary simply to impress management. Evaluation of individual commitment should be based on results achieved and not on hours put in.

Provide as much job security as possible. Employees who are made to feel that their jobs are precarious may put a great deal of effort in to impress, but they are also likely to be looking out for more secure employment at the same time. Security and stability are greatly valued by most employees.

A perception of unfairness, whatever the reality when seen from a management point of view, is a major cause of voluntary resignations. While the over all level of pay is unlikely to play a major role unless it is way below the market rate, perceived unfairness in the distribution of rewards is very likely to lead to resignations.

Defend the organisation against penetration by headhunters and others seeking to poach your staff. Keep internal e-mail addresses confidential, train telephonists to spot calls from agents and to avoid giving them useful information, refuse to do business with agents who have poached your staff, and enter into pacts with other employers not to poach one another's' staff.

Companies now adopt more than one technique to create an internal environment that will retain their employees. As per the survey, the most popular retention-oriented initiatives include:

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INCREASING THE ORGANISATION'S LEVEL OF PROFESSIONALISM.

Employees leave companies where intra-organizational interactions are unstructured, and decisions, ad-hoc and driven more by personal prejudice rather than professional consideration. By adopting systems that introduce an element of objectivity into its internal operations, a company can create a better workplace.

MOVING FROM FAMILY TO PROFESSIONAL MANAGEMENT

In most family-managed organizations, professional managers leave because they cannot see themselves holding key positions, or functioning with the level of independence that there designations merit. By inducting professionals into senior management positions, a company can lower its attrition-rate.

MAKING PERFORMANCE APPRAISALS OBJECTIVE

Employees like to know how, when, and by whom their performance is going to be measured. An appraisal process that lists objective and measurable criteria for performance appraisal removes the uncertainty in the minds of employees that their superiors can rate their performance any which way they please.

INVOLVING EMPLOYEES IN THE DECISION-MAKING PROCESS

People like to work in organizations where their opinions count. The higher an employee's involvement in decision-making, the higher the organization’s retention-level. A participative decision-making process is good; total empowerment, better.

ENSURING A MATCH BETWEEN AUTHORITY AND ACCOUNTABILITY

Most companies fall into the trap of holding an employee accountable for a specific activity without empowering her with the authority to perform it well. Often, the situation is exacerbated by the fact that they vest another employee with the same authority, but do not hold him accountable!

MEASURING EMPLOYEE SATISFACTION

Obsessed with catering to the demands of their external customers, companies ignore their internal customers. Periodic employee satisfaction surveys can highlight the potential flash points, and enable the company to take corrective action.

ACHIEVING A MATCH BETWEEN INDIVIDUAL AND ORGANISATIONAL GOALS

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Many companies fall into the trap of expecting their employees to subsume their individual objectives before the organizational one. Which forces employees to leave. The best companies achieve a balance between the two.

DESIGNING A COMPETITIVE COMPENSATION PACKAGE

Money isn't a motivator, but it is an effective de-motivator. While organizations that pay best-in-industry salaries may find themselves unable to use that fact to motivate their employees, those that do not could find their best employees leaving.

INCREASING ORGANISATIONAL TRANSPARENCY

People do not like to work in black box like organizations, where information is rationed out on a need-to-know basis. They prefer a transparent organization that is willing to share every aspect of its functioning with its employees.

PROMOTING EMPLOYEES FROM WITHIN

A company that constantly fills vacancies by hiring from outside is certain to face retention problems. Employees who realize that they are unlikely to be promoted to fill the vacancies will leave the organization. Growing your own is a sound retention strategy.

HELPING EMPLOYEES ACQUIRE NEW SKILLS

As the job-profiles and desired skills-sets for a particular job change, companies may feel the need to hire employees with new skills, or retrain their existing employees. Companies that choose to do the latter will find it easier to retain their people since the training signals that the organization values their contribution, and is willing to invest in upgrading their skills.

OFFERING STOCK OPTIONS

ESOPs are a sign that the organization recognizes the role of the individual in its performance, and is willing to share the benefits with her.

FOCUSING ON WELFARE MEASURE

Employees are not just warm bodies; they are individuals with families and lives of their own outside the workplace. Organizations that recognize this, and help employees

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achieve a better balance between life and work are likely to face fewer problems than those that do no

The best companies focus on professionalisation, appraisal, employee satisfaction, and participative decision-making. However, their higher-than-average retention levels can be attributed to the way in which they go about these initiatives rather than the choice of initiatives themselves. So, the best companies set themselves stretch targets on each dimension, and then, try and make them better.

FINDINGS AND

ANALYSIS57

Conclusion:

After comparing all the sectors in the given question it has been concluded that the maximum number of people are staying in government sector because of the following reason: Job security Flexible timing (less working hours) Less working loadBut we can also see that in this sector no one is under5 years which concludes that there is no recruitment holding in this sector, thus less growing opportunities

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It can also be seen from the graph that, BPO sector has maximum people, which are less than 6 months, it means more and more people are joining it, because of Growing opportunities

In case of IT sector, max stuff is among 1 to 5 yrs, that means people are retaining in this sector because of its growth, monetary benefits, etc

In case of other bank and Standard Chartered, people among 1 to 5 years are large in Standard Chartered as compared to other bank, thus Standard Chartered is offering better opportunities to people as in case of the other bank.

Conclusion:

From this graph we can see that every sector have different methods of recruitment and have different resources.

In this we can see that, IT sector mainly goes for campus recruitment, while other sectors are least interested for this method.On the other side BPO sector mostly goes to media for recruiting new staff. Similarly government sector also goes to media for recruitment.

While in case of other bank, it goes to consultant companies for recruiting new employees.And in Standard Chartered also it goes to consultant companies as well as references for recruiting new staff.

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Conclusion:

In this graph we can see that every sector has its own strength and weakness.

IT sector, people are motivated towards the benefits, and the brand name, which it provides.

BPO sector, people are motivated to the growing opportunities provided to them, and work culture.

Government sector, people are motivated towards the work culture, benefits and the brand name, which it provides.

In MNC bank (other), people are motivated towards the growing opportunities and the brand name it provides.

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In Standard Chartered, people are motivated to its growing opportunities, benefits and the brand name it provides.

Conclusion:

From this graph it can be concluded that, each sector has its own employment test.

IT sector mostly goes for aptitude test, structured interviews and personality test.

BPO sector mostly goes for intelligence test and personality test.

Government sector mostly goes for structured interviews and intelligence test.

In case of other bank, it goes for intelligence test, aptitude test and personality test.

While on the other side Standard Chartered goes for structured interviews in large scale as compared to aptitude test and intelligence test.

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Conclusion:

This graph concludes that these days induction program is holding in each sector, while in case of government sector there is no induction program going on (as recruitment is very less in this sector, this can also be a big reason for it)

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Conclusion:

These days each sector is going through different training program to improve their respective sectors.

IT sector, goes through understudy and position rotation,BPO sector mostly goes through understudy,Government sector goes through coaching and understudy.

In case of some other MNC bank, it mostly goes through understudy training and less for position rotation.While on the other hand, Standard Chartered mostly goes through position rotation and less through understudy. In this Standard Chartered is different from other MNC bank.

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Conclusion:

From this graph it is concluded that:

IT sector mostly goes through workshops for their classroom training as compared to lectures and organization learning.

BPO sector goes through lectures in large scale as compared to organization learning.

Government sector mostly goes through organization learning and workshops as compared to lectures and other methods.

In case of other MNC bank, it goes through organization learning mostly as compared to lectures, workshops or case study.Similarly Standard Chartered also goes through organization learning as compared to lectures and other methods.

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Conclusion:

The above graph concludes that:

In each sector, these training programs helps employee to develop their skills to perform their job efficiently and effectively.

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Conclusion:

Above graph concludes that:

Each sector has its own appraisal process,

IT sector goes through MBO appraisal process.

BPO sector goes through some other method mostly as compared to MBO methods.

Government sector mostly goes for rating scale methods.

In case of some other MNC bank, it goes for MBO and 360 degree appraisal method.While on the other hand, Standard Chartered mostly goes for MBO method as compared to 360-degree appraisal method.

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Conclusion:

Above graph concludes that:

In IT sector mostly people are unsatisfied with the appraisal process they are going through. And also many people are not aware of what kind of appraisal process they are going through.

BPO sector, people are satisfied with the kind of appraisal process they are going through.

In government sector some people are satisfied and some are not, while some people don’t know about the appraisal process.

In case of the MNC bank, people are satisfied with the kind of appraisal process they are going through.

While in Standard Chartered mostly people are satisfied, but still some employees don’t know about the appraisal process. They usually don’t have the knowledge in the related area.

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Conclusion:

Above graph concludes that:

Each sector is involved with in different social activities.

IT sector is involved in providing education and relief funds activities.

BPO sector is mostly involved in the relief funds and other social activities.

Government sector is mostly involved in HIV AIDS, NGO and other relief funds.

The other MNC bank is involved in HIV AIDS, NGO, relief funds, education, and other kind of social activities.

While Standard Chartered is involved mostly in HIV AIDS, as compared to other kind of social activities.

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Conclusion:

Above graph concludes that:

Each sector provides some kind of additional benefits to their employee, but the way they provides it to employee makes a difference.

IT sector provides medical facilities to their employees. Also they provide insurance facility and loan to their employees.

BPO sector provides benefits to their employee in all way, insurance, medical facilities, bonus, loan, ESOPS, and other kind of additional benefits.

Government sector provides medical facilities to their employee, and also involved in providing insurance facilities and loan to their employees.

In other MNC bank, it provides with many additional benefits in different ways like medical facilities, insurances, bonus, loans, ESOPS and other kind of benefits.

While in Standard Chartered they provide medical facilities to their employees as compared to other benefits like insurances, loans, bonus, ESOPS and other kind of benefits.

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Conclusion:

Above graph concludes that:

Work life balance is an important issue these days, with the expansion of each sector, it is difficult for employees to balance between their personal and professional life, with the increase in the workload.

In IT sector, mostly people said that their organization help them in their personal growth and in other social responsibilities.

In BPO sector, mostly people said that their organization help them in their personal growth.

In government sector, mostly people said that their organization help them to fulfill their social responsibilities and provide them sufficient time for their own.

In the other MNC bank, it helps employees in their personal growth, social responsibilities, have sufficient time for themselves and other.

While in Standard Chartered it provides with the social responsibilities and sufficient time for themselves, and it also provides the crèche facilities to ladies having small baby.

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Conclusion:

Above graph concludes that:

Any organization, whether it’s good or bad has some of the negative points as well, which makes their employee dissatisfied.

In IT sector, employees are mostly dissatisfied with the poor opportunities, while some are also dissatisfied with the monetary benefits.

In BPO sector, employees are mostly dissatisfied with working conditions while others are dissatisfied with the monetary benefits.

In government sector, mostly employees are dissatisfied with the monetary benefits provided to them, while some are also dissatisfied with the working conditions and poor opportunities.

In the other MNC bank, mostly employees are dissatisfied with the monetary benefits and the working condition they are getting.

While in Standard Chartered mostly employees are dissatisfied with the monetary benefits and the working condition they are getting. Also some of the employees are also facing a problem of role conflict.

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Conclusion:

Above graph concludes that:

There are certain factors for which employee will go to other organization.

In IT sector, employee will leave the organization for better job opportunities, for better brand name, better pay and working environment.

In BPO sector, employee will leave their organization for better job opportunities, brand name, working environment, pay and also there can be a personal reason also.

In government sector, employee will leave their organization for better job opportunities, pay, and other reason.

In the other MNC bank, employee will leave their organization for better brand, pay, job opportunities, and working conditions.

While in Standard Chartered employees will leave their bank for better job opportunities, pay, working environment and some will go for better brand or due to some personal reason.

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RECOMMENDATIONS

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RECOMMENDATIONS TO STANDARD CHARTERED BANK

Some recommendations for the bank are as follow:

1. Standard charted should adopt campus recruitment as it: -

Cost less to organization as compare to consultant & employee referral. Freshers mold easily according to the organization culture.

2. 360 degree appraisal process should be followed instead of MBO

All surrounding employees get involved leading to better appraisal. Employees become aware that their appraisal process is going on.

3. To retain employees in the organization the bank should work on improving the following

Work culture (as in the pace of work) Growth opportunities Monetary benefits

If the bank works on improvements above it can surely be the best brand in town.

4. Standard charted mostly use structured interview process for the recruitment process but which is not feasible as it: -

Require high training cost of the interview board. It is not flexible to judge all kind of people & for every kind of post.

5. Understudy can be use by standard charted to trained new employees as it increases the motivation level of employees leading to satisfied employees.

6. Personal growth programs should be adopted by the bank because

Helps employee in maintaining work life balance More retention within the organization

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LIMITATIONS

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1. Shortage of time with the organization people.

2. Space problem in an organization.

3. Problem in sharing of information regarding there H.R practices.

4. Problem in sharing of information about there internal organization although it was confidential.

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BIBLIOGRAPHY

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www.Google.com

www.standaredcharted.com

Mr. Vikrant Gurha, All India Manager, Standard Chartered Bank (HR & ER), New Delhi.

Ms. Anju Sharma, member of Standard Chartered Bank (HR).

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ANNEXURES

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ANNEXURES 1

Employee retention is a major concern for all organizations today. Employees leave their jobs for various reasons, it can be for more money, or they don’t like the working conditions, do not get along with their peers, culture change, or because of family reasons.Successful organizations realize how important it is for them to retain quality employees. Thus talent management becomes integral part of the scheme to sustain their leadership and growth in the marketplace. The focus of this questionnaire is on the techniques used by various organizations to hire and retain employees.Please be assured that the information you provide will be kept in strict confidence and shall be used only for study purposes. There will be no leakage of information at any level.You’re Name: ______________________________Experience in years: ________________________Gender:

Male Female

Designation: ______________________________Department: ______________________________Organization: _____________________________Please highlight your choice of answers. Multiple markings are acceptable wherever you desire1. How long you have been working for this organization?

Less than 6 months 6 month-1years 1 year-5years 5 years & more

2. What kind of Resourcing process does your organization follows? Campus recruitment Consultant

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Media Internet References Promotion

3. What would motivate you to stay with this organization? The company offers enough opportunities for advancement Work culture Empowerment Benefits Brand

4. Have you gone through any kind employment test before joining? Aptitude Test Intelligence Test Personality Test Structured Interviews Emotional quotient test Lateral employment

5. Have you attended any Induction (orientation) programme? If Yes, (please

elaborate)____________________________________________________________________________________

No6. What kind of on the job training have you received to complement your performance?

Coaching Understudy (superior gives training to subordinate as his assistant) Position Rotation (trainee is rotated from job to job)

If other, please specify__________________________________________________________________7. What kind of classroom trainings have you received to improve your performance?

Special lecture cum discussion Organizational learning Simulation [based on real life experiences] Case Study Workshops

If other, please specify__________________________________________________________________

8. Do these training programmes help you in developing your skills to perform your job efficiently and effectively?

Yes No

9a. What kind of appraisal process is your company adhering to? Rating scale (ranking the employee from best to worst performers) 360 degree Appraisal (Rating of an employee or manager by everyone above,

alongside and below him)

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Management by objectives (setting plans, reviewing performance and giving rewards)

Narrative methods (Managers are allowed to write whatever they want, or are required to answer questions about employees’ performance

Others(please elaborate)________________________________________________________

9b. Are you satisfied with the appraisal process your company follows? Yes No Can’t say

10. Is your organization involved in any kind of social activity? HIV AIDS /other communicable disease awareness program Associated with NGO’s Relief funds Education for deprived children If others, please specify_____________________________________________________________

11. What kind of additional benefits you are getting? Insurances (life/education/work) Medical facilities Bonus Loan facility at discount rates Employee stock option plan Others________________________________________

12. Does your organization help you maintain Work life balance? Helps me in personal growth (through health/spiritual programmes etc) Helps me in catering to my social responsibilities (towards

community/friends/relatives) Helps me spending quality time with my family Having crèche for small children in office Others (please

elaborate)__________________________________________________________13. What are the factors, which make you dissatisfied with your current job?

Working conditions Monetary benefits Conflicts with other employees/manager Role conflict (unable to understand what others expect from you) Poor opportunities for growth and advancement

14. If anyhow in future you like to leave this organization what will be the reasons for it? Better job opportunity Brand Enhanced pay and benefits Working environment Personal reasons

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15. If you were responsible for managing a team then what measures would you take for retaining your team members?

Measuring employee satisfaction Maintaining balance between individual and team goals Two way communication Involving member in decision making Member welfare

16. Please suggest the measures you would like to take to retain the employees in your team/group?

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